BUFFALO, N.Y. (July 23, 4:50 p.m. ET) – Protective Industries Inc., which owns Caplugs, a manufacturer of protective plastic products, has partnered with private equity firm Windjammer Capital Investors to buy Shercon Inc.
Cypress, Calif.-based Shercon makes die cut and molded rubber masking including caps, plugs and tape, which are used to protect surfaces during industrial finishing processes.
The company dates back to 1946, but it has done all its manufacturing in China since 2002, when it opened a plant in Hangzhou, China.
Shercon has a distribution center in Louisville, Ky.
The deal closed April 30. Terms were not disclosed.
Buffalo-based Caplugs makes caps, plugs, tubing, containers, edge liners, fasteners, netting, and masking products. While Shercon specializes in rubber, Caplugs is primarily a plastics processor. The company has four manufacturing and distribution facilities, in Buffalo; Erie, Pa.; Rancho Dominguez, Calif.; and Shanghai.
Caplugs does injection molding, vinyl dip molding and plastic extrusion, and the company said it makes about 2 billion pieces per year.